Despite supply and lot availability shortages, Houston’s continued new-home growth is strong and home building outlook remains positive, according to a report by the Greater Houston Builders Association (GHBA).
The report cited data from Zonda and the U.S. Census Bureau, which released key data updates documenting Houston MSA’s progression from June to September.
Key factors such as population increase and individuals returning to the workforce have added to Houston’s robust conditions.
In its summer report, the U.S. Census Bureau found that year over year, Houston’s population grew by 91,078 people, including strong domestic and international migration.
During this period, only Dallas/Fort Worth and Phoenix saw more significant population growth than Houston.
From May 2020 through the end of July 2021, the Houston MSA gained back 209,400 (57.9%) jobs it lost in the first 60 days of the pandemic in March and April 2020. During this time, the nation as a whole gained back 74.5% of jobs lost during the first two months of COVID-19, a Zonda report found.
Houston home builders started nearly 43,000 homes in the 12 months ending the second quarter of 2021. This represents a 32.6% increase in starts volume year-over-year, the largest number of annual home starts achieved in Houston since the second quarter of 2007.